The announcement was made after market hours yesterday, 14 March 2019.

Meanwhile, the S&P BSE Sensex was up 219.20 points, or 0.58% to 37,974.09.

On the BSE, 5.43 lakh shares were traded in the counter so far compared with average daily volumes of 13.57 lakh shares in the past two weeks. The stock had hit a high of Rs 44 and a low of Rs 43.30 so far during the day. The stock hit a 52-week high of Rs 81.80 on 16 March 2018. The stock hit a 52-week low of Rs 41.50 on 18 February 2019.

IDBI Bank has been categorized as a 'private sector bank' for regulatory purposes by Reserve Bank of India (RBI) with effect from 21 January 2019 consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank.

IDBI Bank reported net loss of Rs 4185.48 crore in Q3 December 2018 as against net loss of Rs 1524.31 crore in Q3 December 2017. Total income declined 13.11% to Rs 6190.94 crore in Q3 December 2018 over Q3 December 2017.

IDBI Bank, as a full service universal bank, provides a wide gamut of financial products and services encompassing deposits, loans, payment services and investment solutions.